Major Chinese cryptocurrency mining company Canaan has released an update on its crypto mining business in Kazakhstan amid an ongoing crackdown on Bitcoin (BTC) mining in China.
Canaan announced Monday that the company has built its own crypto mining business in Kazakhstan with its newest Avalon Miner units.
The company’s move to Kazakhstan is part of the company’s broader strategic plans in the country. Canaan opened its first overseas service center in Kazakhstan earlier this month to provide local customers with after-sales services such as machine tests, warranty, maintenance and technical advice.
Canaan’s chairman and CEO Nangeng Zhang said the company’s launch of a self-operated bitcoin mining business will help improve the company’s financial performance. “If we integrate more industrial resources into our operations, we believe this business unit will allow us to revive our mining equipment inventory, protect against bitcoin volatility, and secure our inventory during the market recovery,” he said.
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In recent weeks, China has hardened its stance on crypto, with the government halting crypto mining operations in Sichuan, Yunnan, Xinjiang, Inner Mongolia and Qinghai. In response to the crackdown, a number of Chinese crypto mining operators have been considering or have already relocated to other countries, with large mining pool BTC.com successfully relocating the first batch of its miners to Kazakhstan earlier this week.
Bitmain is reportedly moving overseas to continue its mining business. According to Chinese journalist Colin Wu, the company is announced a full move abroad on Tuesday.